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South Staffs Water has today received the regulator Ofwat’s initial assessment of its business plan for 2020 to 2025. Along with most of the other water companies in England and Wales, Ofwat placed the company’s plan in its ‘slow track’ category.
As a regulated monopoly water company, South Staffs Water (incorporating Cambridge Water) is required to submit a business plan to Ofwat every five years. This sets out the company’s view of what it thinks it will need to invest to continue to deliver high-quality and reliable services for its customers.
South Staffs Water engaged with more than 40,000 customers and worked with them to develop its plan for the five years from 1 April 2020, which it submitted to Ofwat on 3 September 2018. Ofwat then compared this plan against those of the other water companies in England and Wales. It ranked each company’s business plan in one of four categories: ‘exceptional’; ‘fast track’; ‘slow track’ and ‘significant scrutiny’.
Phil Newland, Managing Director of South Staffs Water, said: